Hotel groups pledge investment in Middle East

03/05/2011 - Dubai Investment News Posted by Bob Brunskill
Hotel groups pledge investment in Middle East

Some of the world's largest hotel groups have pledged massive investment in the Middle East and Dubai, with many hoping to take advantage of booming revenues in the coming year.Speaking at the opening day of the Arabian Hotel Investment Conference, bosses from a number of well-known firms, including the Hilton and Marriott, revealed their expansion plans.Hotel firms have begun eyeing new projects across the region, with demand already having caught up with supply in most countries."If we start looking at a long-term picture I think you can throw as many big numbers on the wall as you like," said Roeland Vos, president of Europe, the Middle East and Africa for Sheraton and Westin parent group Starwood Hotels.It follows a recent forecast from Alpen Capital which suggested that revenue from hotel rooms in the GCC is expected to reach $22 billion (£13.4 billion) by the end of 2012.The investment bank added that this figure is expected to rise further still to $37 billion by 2015.